StockMarketWire.com - Power utility National Grid said it had made filings to regulators in New York and Massachusetts that included a $650m capital investment request to install smart meters and $167m for electric car charging stations.

In Massachusetts, National Grid requested an update of electricity distribution rates that would generate around $70m in revenue to cover increased operating costs and investments, with a return on equity of 10.5%.

The filing also supported annual capital expenditure of $300m and proposed a new performance-based rate mechanism that would link annual revenue increases to inflation, but also take into account efficiency improvements.

The filing included a $167m five-year investment in electric vehicle charging infrastructure in Massachusetts.

It was as expected to conclude in September 2019, with new rates effective 1 October 2019.

In New York, meanwhile, National Grid filed a capital investment request for $650m with the New York Public Service Commission to install 1.7m electric advanced metering infrastructure meters and 640,000 gas modules between 2021 and 2024.

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